As long as oil prices drift lower Occidental (OXY) - Get Occidental Petroleum Corporation Report shares will be 'deadweight', says TheStreet's Jim Cramer. Occidental Petroleum reported in-line earnings but a revenue miss for the second quarter of 2016. The Houston-based oil and natural gas producer reported a loss of $0.18 a share, which met analysts' expectations. Revenue declined to $2.56 billion from $3.51 billion in the 2015 second quarter and missed analysts' estimates of $2.66 billion. Total average daily production volumes fell to 653,000 barrels of oil equivalent a day from 658,000 a year ago.
At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.